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a bill for an act relating to the occupation tax on mining and producing be it enacted by the legislature of the state of minnesota section !? a tax credit shall be allowed to each taxpayer against the taxes computed under this chapter where the allowable costs for any mine determined ua^r minnesota statutes 1961 section 298 . 03 exceed the value of the ore at the place where the same is brought to the surface of the earth the said allowable easts shall net include ampunts attributable to or payable by reason of the termination of mining operations the credit shall be computed by applying the tax rates specified in minnesota statutes 1961 , section 298.01 and section 298*011 to the excels of such deductions over such value but limited to in the case of open pit iron ore mines 53 6870 of the credit so computed in the case of underground mines 42 10 of the credit so computed lrl the case y/f n-f such credit shall be allowed for the year in which such excess occurs , sec 2 this act shall apply tojisi^iron ore ^ mined or produced on or after january 1 1963

a bill for an act relating to the occupation tax on mining and producing be it enacted by the legislature of the state of minnesota section !? a tax credit shall be allowed to each taxpayer against the taxes computed under this chapter where the allowable costs for any mine determined ua^r minnesota statutes 1961 section 298 . 03 exceed the value of the ore at the place where the same is brought to the surface of the earth the said allowable easts shall net include ampunts attributable to or payable by reason of the termination of mining operations the credit shall be computed by applying the tax rates specified in minnesota statutes 1961 , section 298.01 and section 298*011 to the excels of such deductions over such value but limited to in the case of open pit iron ore mines 53 6870 of the credit so computed in the case of underground mines 42 10 of the credit so computed lrl the case y/f n-f such credit shall be allowed for the year in which such excess occurs , sec 2 this act shall apply tojisi^iron ore ^ mined or produced on or after january 1 1963